In 1859, Col. Edwin Drake struck oil 69 ft. below the surface of the ground in Titusville, Pennsylvania. In 1870, JD Rockefeller formed Standard Oil, one of the largest oil refineries in the world. In these early years of oil and gas E&P, field operators used paper based field tickets to document data. In 2014, many Oil & Gas service companies are still using the same pencil and paper process.
Over the years, service companies and operators have recognized the inefficiencies of this method. Illegible or incomplete writing, incorrect bill rates, and data entry errors lead to increased invoice disputes contributing to long Days Sales Outstanding (DSO); sometimes as high as +120 days (Oil & Gas Financial Journal, Drilling in the Financial Statements – 3/ 1/13).
Manual keying and re-keying of data contributes to heavy administration costs with little to no visibility into the process. Reporting is manual and delayed; data is siloed which prevents accurate, real time information.
Operators are burdened with assembling paper tickets, making AFE management and budgeting difficult and time delayed. The timely process lacks real-time visibility into supplier spending/trends and a central repository for managing suppliers’ reports, tickets, and budgets.
Electronic Ticketing (Field e-Ticketing) and e-Invoicing Solutions eliminate these limitations through automation, data validation and Cloud technology which moves the entire process on-line, into real time. Operation Managers create job tickets which are dispatched to crews in the field. Outfitted with mobile devices, field personnel update (or create new) contract compliant tickets that capture required signatures electronically. Smart forms post fields to the ticket based upon data selection, service types and equipment being used. This functionality ensures that all costs (billable hours, travel, equipment, materials and labor) are posted to the ticket.
Misplaced, illegible, and incomplete tickets are alleviated and manual routing is replaced with electronic transmission. Field e-Ticketing and e-Invoicing allows customers to capture transactional, payroll and operational data from the field and transmit this data back to headquarters.
The Solution: Iliad Field E-Ticketing and e-Invoicing
Our custom solution tailored to Oil and Gas that can greatly cut costs and put more money into your bank, faster.
- Will deliver more efficient operations
- Allows visibility into processes
- Use Real-time KPI’s into business
- Accelerate your billing and payments
- Increase your cash flow
- Reduce cost of capital and DSO by ~25%
- Hosted on On-premise or SaaS cloud
- ERP integration
- Online and offline availability
- Greater visibility into resources
- Revenue leakage/lost tickets reduction
- Redundant data entry elimination
- Interface that is quick and intuitive
- Streamlines ticket process
- Paperwork takes less time to process
- Job quality is documented
- Potential hazards are tracked
- Customer satisfaction is improved
Cost Reduction Datasheet
Iliad Field E-Ticketing and/or e-Invoicing
Iliad Field e-Ticketing and e-Invoicing solution is exactly what you need to reduce DSO and Cost of Capital.
Cost Reduction Datasheet is available.
Schedule a free consultation today!